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Might an idea from Mitt Romney save US from 'fiscal cliff'? (+video)

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(Read caption) "60 Minutes" correspondent Steve Kroft has been covering the impact of gridlock in Congress. He talks to Charlie Rose and Norah O'Donnell about the likelihood of a compromise now that the election is over.
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Might an idea from Mitt Romney keep the United States from going over the "fiscal cliff"? That’s a topic that’s rattling around Washington’s policy blogosphere at the moment.

At first glance this seems unlikely – Democrats often accused Mr. Romney of making vague assertions instead of actual policy proposals, particularly on fiscal issues. But at one point the GOP nominee did float the notion of a cap on income tax deductions. Some experts now say such a limit could be an important element in a deficit-reduction agreement palatable to both parties.

“A cap just might be a Republican-friendly way to get what Democrats want,” writes Matthew O’Brien, associate editor for business and economics at The Atlantic.

If you recall, during the campaign the cap thing came up in the context of how to pay for Romney’s proposed across-the-board 20 percent tax rate reduction. The former Massachusetts governor vowed that this reduction wouldn’t cost the US Treasury anything, in part because he’d eliminate deductions and close loopholes to keep tax revenue up.


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